REAL ESTATE TECHNOLOGY
Reonomy | October 07, 2021
Reonomy, the leading provider of actionable commercial real estate (CRE) data, announced a partnership with SERVPRO, a leader in fire and water cleanup and restoration services, construction, mold mitigation, biohazard and pathogen remediation. Through this partnership, SERVPRO will have access to Reonomy's vast offering of property and ownership data, driving greater accuracy and efficiency in their lead generation efforts and aiding overall market share expansion.
As part of a company-wide effort to build a smart and scalable lead generation tool to expand their national footprint, SERVPRO sought a commercial data provider that could service the distinct needs of its sales team across various geographic markets, and identify gaps in coverage to guarantee a full scope of customers. Reonomy's platform will play a key role in driving this initiative.
Via Reonomy's API, SERVPRO's 1,900+ franchises will gain access to a more standardized and sophisticated business development pipeline rooted in data, allowing them to better identify opportunities in the markets while driving more strategic, targeted outreach to prospects across rural, suburban, and urban geographies.
This partnership arises during a turning point in the restoration industry, where organizations are seeing a rise in sophisticated tools for driving more efficient business development capabilities. Reonomy will benefit from collaborating with SERVPRO's rich data science team, incorporating valuable, timely feedback as they ramp up their product development efforts and explore other use cases for their technology.
We are constantly looking to explore deeper applications for our technology and are thrilled to be partnering with the SERVPRO team as they look to expand their national footprint in the commercial space, Their data team will be an invaluable partner to us as we continue building our product roadmap to service the industry.
In our search for a partner, being able to have flexibility and depth in our data was key to successfully powering our lead generation efforts and helping us hit our expansion goals, We're excited to be working with Reonomy to provide a more efficient and flexible value offering to our franchise owners.
- Mike Stahl, CMO of Servpro Industries, LLC.
Reonomy is the leading provider of CRE insights, empowering top brokerages, financial institutions, and commercial services providers with actionable data and solutions. Armed with Reonomy's enterprise-grade products, CRE professionals and organizations gain comprehensive market understanding, discover opportunities, and streamline research processes.
For more than 50 years, SERVPRO® has been a trusted leader in fire and water cleanup and restoration services, mold mitigation, biohazard and pathogen remediation. SERVPRO's professional services network of more than 1,900 individually owned and operated franchises spans the United States and Canada, responding to property damage emergencies large and small from million-square-foot commercial facilities to individual homes. When disaster strikes, homeowners, business owners and major insurance companies alike rely on SERVPRO to make it "Like it never even happened."
REAL ESTATE INVESTMENT
Lincoln Avenue Capital | November 02, 2021
Lincoln Avenue Capital, a leading, mission-driven investor in and developer of affordable housing, has signed an agreement to acquire the majority stake in a social purpose real estate investment fund, the Housing Partnership Equity Trust (HPET), which invests in affordable housing across the United States. The transition is expected to be complete by the end of this year, after which Lincoln Avenue Capital will serve as one of the largest, single private investors in affordable housing.
HPET was originally founded nine years ago by major Wall Street banks, prominent foundations, and nonprofit housing organizations that came together to pioneer an innovative approach to affordable housing investment and preservation. Until now, HPET has been principally owned by some of the nation's largest and most respected not-for-profit developers and operators of affordable and workforce housing for low- and moderate-income individuals and families. In partnership with HPET nonprofits, Lincoln Avenue Capital plans to purchase at least $150 million annually in workforce and affordable housing to expand HPET's investments.
The company will continue HPET's traditional focus on largely unsubsidized affordable housing (what is also referred to as "naturally occurring affordable housing" or "NOAH"). Their rents are lower than those of the area's housing market.
"Building and preserving affordable housing is one of the most important social causes of our time, HPET has pioneered and proven a powerful model for bringing together private and nonprofit partners to develop and sustain affordable and workforce housing that strengthens communities. Lincoln Avenue Capital is well equipped to build on this success. We are delighted to be partnering with leading nonprofit and philanthropic organizations that share our mission to increase HPET's impact across the country."
- Jeremy Bronfman, CEO and founder of Lincoln Avenue Capital.
Established in 2012, HPET was built on an idea first proposed by the Housing Partnership Network (HPN), a collaborative of 100 leading affordable housing and community development nonprofits, and other housing advocates. The group advanced the idea that more private capital would be attracted into affordable housing if a real estate investment trust (REIT) could be formed with some of the nation's largest and most respected nonprofit developers and operators of affordable multifamily housing. To put the concept into action, HPN and its members worked with the John D. and Catherine T. MacArthur Foundation and other major investors including Citibank, Charles Schwab Bank, the Ford Foundation, Prudential, and Morgan Stanley Bank. Today, HPET serves nearly 3,000 households in seven U.S. states.
"Expanding access to safe, affordable homes is key to our country's fight against inequality and racial injustice, We are proud to have supported HPET's groundbreaking work since inception and excited that Lincoln Avenue's partnership with HPET's leading nonprofit housing organizations promises even greater scale and impact in the years ahead."
- Debra Schwartz, MacArthur's Managing Director for Impact Investments.
Lincoln Avenue Capital is expected to close on the purchase by the end of 2021. It will acquire a majority interest in HPET, which it will own alongside the other institutional investors, including the MacArthur Foundation. HPET's nonprofit partners will retain ownership of 7.5 percent of the company. Other investment partners include Prudential Impact Investments Private Equity LLC, Citibank, N.A., Morgan Stanley Bank, N.A., and Charles Schwab Bank, SSB. Under Lincoln Avenue Capital's leadership, HPET will continue to aggressively seek out new housing investment opportunities and additional private capital. Beekman Advisors acted as investment banker for HPET in the transaction.
Lincoln Avenue Capital is one of the nation's fastest-growing developers and investors of affordable housing, providing high-quality, sustainable homes for low-income individuals, seniors, and families nationwide. LAC is a mission-driven organization with a portfolio that includes 88+ properties, comprising 15,000+ units and serving more than 43,000 residents across 14 states.
Housing Partnership Equity Trust (HPET) is a national, social-purpose real estate investment fund created by nonprofits to raise capital for affordable housing. HPET collaborates with its partners to acquire and preserve affordable rental housing in opportunity neighborhoods with the components critical to household success. HPET's nonprofit members are AHC Inc., Aeon, BRIDGE Housing Corporation, Chicanos Por La Causa, Inc., Eden Housing, Inc., Enterprise Community Development, Inc., Hispanic Housing Development Corporation, Homes for America, Housing Partnership Network, LINC Housing Corporation, Mercy Housing, Nevada HAND, Inc., NHP Foundation, NHT Communities, and POAH.
TermSheet | July 07, 2020
TermSheet, a private-equity backed real estate software company, is proud to announce the launch of its end-to-end real estate deal management platform. TermSheet provides investors, large and small, the necessary toolkit to successfully prospect, manage and execute real estate transactions. Since its inception in early 2020, TermSheet has built a platform that can streamline the entire life cycle of a real estate transaction. TermSheet provides real estate investors with a platform that can efficiently manage their pipelines, documents, tasks, contacts, data and much more.